LaGuardia Marriott and development site combo sell for $100M

PE firm acquires 443-key hotel and empty site with potential for 750K sf project

New York /
Feb.February 19, 2021 04:45 PM
ASAP Holdings CEO Frank Yuan and LaGuardia Marriott

ASAP Holdings CEO Frank Yuan and LaGuardia Marriott

New York LaGuardia Airport Marriott and a massive development site have sold for a combined $103 million.

The 443-key Marriott at 102-05 Ditmars Boulevard sold for $86.6 million, and the 1.5-acre development site — which could hold a 750,000-square-foot project — sold for $17 million, according to property records filed with the city on Friday. The sale closed last month.

The buyer, California-based private equity firm ASAP Holdings, announced the deal on its website without a price, saying it plans housing and a community center on the development site. The firm also explained its hotel purchase, which comes as the larger market continues to endure heavy turbulence.

ASAP said it believes “in this hotel and its continued duration as a market leader in the LaGuardia area.” The property is directly across from the airport, separated by the Grand Central Parkway. ASAP CEO Frank Yuan was not immediately available for comment.

The seller was Rubicon Companies, which listed the vacant parcel for sale in 2019.

JLL’s KC Patel, Kevin Davis and Nikhil Chuchra represented the seller. Rubicon purchased the 224,000-square-foot Marriott in East Elmhurst for $21.5 million in 2013. It poured another $30 million into renovations in 2018, according to JLL.

Rubicon did not immediately respond to a request for comment.

Since 2016, LaGuardia Airport has been undergoing an $8 billion redevelopment project, adding six new concourses and 72 new gates, along with new shopping and dining areas. As part of the program, a new arrival and departure hall at Terminal B opened in June.





    Related Articles

    arrow_forward_ios
    (Photo Illustration by The Real Deal with Getty Images)
    US retail real estate rises from the ashes
    US retail real estate rises from the ashes
    Rubenstein Partners' David Rubenstein and 25 Kent Avenue in Williamsburg (Getty Images, Twenty Five Kent, Rubenstein Partners)
    Rubenstein rolls co-working company into 25 Kent
    Rubenstein rolls co-working company into 25 Kent
    Friedkin Property's David Friedkin 2 Canfield Avenue (LinkedIn, Google Maps, Getty)
    GID sells multifamily complex for $113M
    GID sells multifamily complex for $113M
    Regal Ventures’ Alexander Smith with 301 West 53rd Street (LinkedIn, Fifty Third and Eighth, Getty)
    Regal Ventures picks up Midtown retail condo in strong week of i-sales
    Regal Ventures picks up Midtown retail condo in strong week of i-sales
    Wharton Properties’ Jeff Sutton with 1551-1555 Broadway
    Sutton faces foreclosure on Times Square American Eagle
    Sutton faces foreclosure on Times Square American Eagle
    U.S. Treasury Secretary Janet Yellen
    NY gets more federal rent aid — but only 6% of need
    NY gets more federal rent aid — but only 6% of need
    Commissioner of the Division of Housing and Community Renewal's RuthAnne Visnauskas (Getty, NY Gov)
    Rent stabilization complaints piling up at agency
    Rent stabilization complaints piling up at agency
    Beanie Babies founder Ty Warner and 57 East 57th Street (Getty Images, MBandman, CC BY 2.0 - via Wikimedia Commons)
    Owner’s feud with Four Seasons leaves Midtown hotel in limbo
    Owner’s feud with Four Seasons leaves Midtown hotel in limbo
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...